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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <cusip>06738ECD5</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corporation </title>
        <cusip>06849F108</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Blackline Inc</name>
        <lei>529900P9N7PK9LV5EK56</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <title>Blackline Inc COM</title>
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        <name>Blackstone Mortgage Trust, Inc</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <title>Blackstone Mortgage Trust, Inc COM CL A</title>
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        <name>Blue Owl Credit Income Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Boston Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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              <title>BXP Inc COM</title>
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        <name>CHS/Community Health Systems Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVR Energy Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Century Communities Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
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        <title>Cisco Systems, Inc. </title>
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        <fairValLevel>1</fairValLevel>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings Inc 7.875%, Due 04/01/2030</title>
        <cusip>18453HAF3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Corecivic Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dell International LLC / EMC Corp.</name>
        <lei>254900ZARLSVK41DKO78</lei>
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        <cusip>24703TAK2</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Devon Energy Corporation</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corporation </title>
        <cusip>25179M103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
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        <name>Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Company (The) </title>
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        <assetCat>EC</assetCat>
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        <name>R.R. Donnelley &amp; Sons Co.</name>
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        <cusip>257867BJ9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc 7.2% Due 06/27/2054</title>
        <cusip>29250NCF0</cusip>
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        <invCountry>CA</invCountry>
        
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer, L.P. </title>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <name>Enterprise Products Partners L.P.</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
        <title>Enterprise Products Partners, L.P. </title>
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        <name>Essex Property Trust, Inc.</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc. REIT</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
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        <fairValLevel>1</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053</title>
        <cusip>3132DP3N6</cusip>
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        <valUSD>433717.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>FedEx Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First American Funds Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Citizens BancShares Inc (Delaware)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flex Ltd.</name>
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        <name>Ford Motor Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac Stacr Remic Trust 2022-DNA7</name>
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        <name>GEO Group Inc</name>
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        <name>GEO Group Inc</name>
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        <name>General Dynamics Corporation</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <name>Getty Images Inc.</name>
        <lei>5493005NV20IG4VEKZ40</lei>
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        <name>Gilead Sciences Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
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        <name>Golub Capital Private Credit Fund</name>
        <lei>254900B5KBW6OY1F9951</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GrafTech Global Enterprises Inc.</name>
        <lei>N/A</lei>
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        <name>Gray Media Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Media Inc 7.25%, Due 08/15/2033</title>
        <cusip>389375AP1</cusip>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC Floating rate, Due 12/31/2049</title>
        <cusip>404280DT3</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HP Inc</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HP Inc 6.1% Due 04/25/2035</title>
        <cusip>40434LAS4</cusip>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>iHeartCommunications Inc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corporation </title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Intesa Sanpaolo S.p.A.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc. 7.000%, Due 02/15/29</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>J P Morgan Exchange Traded Fund Trust</name>
        <lei>5493001E1K1DVWDV2464</lei>
        <title>JPMorgan Equity Premium Income ETF </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>J P Morgan Exchange Traded Fund Trust</name>
        <lei>5493001E1K1DVWDV2464</lei>
        <title>JPMorgan Nasdaq Equity Premium Income ETF </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <title>Johnson &amp; Johnson </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LYB International Finance III LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corporation </title>
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        <invCountry>US</invCountry>
        
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        <fairValLevel>1</fairValLevel>
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        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
        <title>MPT Operating Partnership LP / MPT Finance Corp 8.5% Due 2/15/2032</title>
        <cusip>55342UAQ7</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars Inc 5.7% Due 11/1/2025</title>
        <cusip>571676BC8</cusip>
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          <isin value="US571676BC81"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp</name>
        <lei>N/A</lei>
        <title>Martin Midstream Partners LP 11.500%, Due 02/15/28</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.50000000</annualizedRt>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corporation </title>
        <cusip>594918104</cusip>
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          <isin value="US5949181045"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley 5.942%, Due 02/07/39</title>
        <cusip>61747YFM2</cusip>
        <identifiers>
          <isin value="US61747YFM21"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>471104.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.94200160</annualizedRt>
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      <invstOrSec>
        <name>Muvico LLC</name>
        <lei>N/A</lei>
        <title>Muvico LLC 15.0%, Due 02/19/2029</title>
        <cusip>62844JAE8</cusip>
        <identifiers>
          <isin value="US62844JAE82"/>
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        <balance>1023500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008528.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.00000000</annualizedRt>
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      <invstOrSec>
        <name>NGL Energy Operating LLC/ NGL Energy Finance Corp</name>
        <lei>N/A</lei>
        <title>NGL Energy Operating LLC / NGL Energy Finance Corp 8.125%, Due 2/15/2029</title>
        <cusip>62922LAC2</cusip>
        <identifiers>
          <isin value="US62922LAC28"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1037661.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corporation 8.000%, Due 04/01/29</title>
        <cusip>64828TAB8</cusip>
        <identifiers>
          <isin value="US64828TAB89"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1021361.00000000</valUSD>
        <pctVal>0.944627720266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northern Oil And Gas, Inc.</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>Northern Oil &amp; Gas Inc 7.875%, Due 10/15/2033</title>
        <cusip>665531AL3</cusip>
        <identifiers>
          <isin value="US665531AL37"/>
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        <balance>1333000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1345150.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corporation </title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
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        <balance>4600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>879198.00000000</valUSD>
        <pctVal>0.813145207623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp/IN 5.768%, Due 2/15/2036</title>
        <cusip>68003DAA3</cusip>
        <identifiers>
          <isin value="US68003DAA37"/>
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        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543113.90000000</valUSD>
        <pctVal>0.502310588716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.76799920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>1261229 Bc Ltd.</name>
        <lei>N/A</lei>
        <title>1261229 BC Ltd 10.00% Due 04/15/2032</title>
        <cusip>68288AAA5</cusip>
        <identifiers>
          <isin value="US68288AAA51"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1027116.03000000</valUSD>
        <pctVal>0.949950383721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corporation 6.900%, Due 11/09/52</title>
        <cusip>68389XCK9</cusip>
        <identifiers>
          <isin value="US68389XCK90"/>
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        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315395.89000000</valUSD>
        <pctVal>0.291700682278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBF Holding Co LLC / PBF Finance Corp 9.875%, Due 3/15/2030</title>
        <cusip>69318FAM0</cusip>
        <identifiers>
          <isin value="US69318FAM05"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1060540.00000000</valUSD>
        <pctVal>0.980863262305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The) </title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
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        <balance>2443.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>545521.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc. </title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
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        <balance>2736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490947.84000000</valUSD>
        <pctVal>0.454063684504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
        <title>Phillips 66 Co 6.2%, Due 03/15/2056</title>
        <cusip>718547BA9</cusip>
        <identifiers>
          <isin value="US718547BA95"/>
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        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>387095.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <name>Plains All American Pipeline L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP / PAA Finance Corp 5.6%, Due 10/15/2035</title>
        <cusip>72650RBS0</cusip>
        <identifiers>
          <isin value="US72650RBS04"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40601.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Prologis Inc.</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc. REIT</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
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        <balance>4127.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538821.12000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage REIT</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
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        <balance>1468.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>405446.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QXO Building Products Inc.</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>Queen MergerCo Inc 6.75% Due 04/30/2032</title>
        <cusip>74825NAA5</cusip>
        <identifiers>
          <isin value="US74825NAA54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030454.00000000</valUSD>
        <pctVal>0.953037577173</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust Inc 7.75% Due 06/15/2027</title>
        <cusip>758075AF2</cusip>
        <identifiers>
          <isin value="US758075AF22"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010000.00000000</valUSD>
        <pctVal>0.934120254708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sabre GLBL Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <lei>549300Z1FU4IDULG1R21</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>E.W. Scripps Co.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
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        <cusip>816851BT5</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust 8.875%, Due 06/15/32</title>
        <cusip>81761LAE2</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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        <name>Shift4 Payments Inc</name>
        <lei>N/A</lei>
        <title>Shift4 Payments, Inc. </title>
        <cusip>82452J307</cusip>
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        <curCd>USD</curCd>
        <valUSD>180336.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Shutterfly Finance LLC</name>
        <lei>N/A</lei>
        <title>Shutterfly Finance LLC 8.5% Due 10/01/2027</title>
        <cusip>82568NAC5</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>Sinclair Television Group Inc 8.125% Due 2/15/2033</title>
        <cusip>829259BH2</cusip>
        <identifiers>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sixth Street Lending Partners</name>
        <lei>549300S9P1HMDERGCR64</lei>
        <title>Sixth Street Lending Partners 5.75%, Due 01/15/2030</title>
        <cusip>829932AD4</cusip>
        <identifiers>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Six Flags Entertainment Corp.</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>Six Flags Entertainment Corp 6.625%, Due 05/1/2032</title>
        <cusip>83002YAA7</cusip>
        <identifiers>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>South Africa (Republic of)</name>
        <lei>378900AAFB4F17004C49</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Southstate Bank Corp.</name>
        <lei>N/A</lei>
        <title>SouthState Corp 7.00% Due 06/13/2035</title>
        <cusip>840441AA7</cusip>
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        <name>Southstate Bank Corp.</name>
        <lei>N/A</lei>
        <title>SOUTHSTATE BANK CORP </title>
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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>Staples, Inc. 10.750%, Due 09/01/29</title>
        <cusip>855030AQ5</cusip>
        <identifiers>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corporation Floating rate, Due 12/31/2049</title>
        <cusip>857477CH4</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc. ADR</title>
        <cusip>86562M209</cusip>
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        <curCd>USD</curCd>
        <valUSD>687527.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP 7.875%, Due 03/18/2045</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
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        <balance>315000.00000000</balance>
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        <name>Ultimus Managers Trust</name>
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        <name>Ultimus Managers Trust</name>
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        <name>Mexico (United Mexican States)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Urban Edge Properties</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ventas Inc.</name>
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        <name>Vinebrook Homes Trust, Inc. 9.5% Preferred</name>
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        <name>W &amp; T Offshore Inc.</name>
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        <name>WEC Energy Group Inc.</name>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xerox Corp.</name>
        <lei>4KF48RN45X1OO8UBLY20</lei>
        <title>Xerox Corp 10.25%, Due 10/15/2030</title>
        <cusip>984121CS0</cusip>
        <identifiers>
          <isin value="US984121CS05"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>824447.37000000</valUSD>
        <pctVal>0.762507908176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CME Euro Foreign Exchange Currency Future 2026-03-16</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ECH6 CURNCY"/>
        </identifiers>
        <balance>15.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35004.45000000</valUSD>
        <pctVal>0.032374619554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO., LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CHICAGO MERCANTILE EXCHANGE</issuerName>
                <issueTitle>CME Euro Foreign Exchange Currency Future</issueTitle>
                <identifiers>
                  <ticker value="ECH6 CUR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-17</expDate>
            <notionalAmt>2229937.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>35004.45000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Kratos Defense &amp; Security Solutions, Inc. 05/15/2026 140 Call</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTOS  260515C00140000"/>
        </identifiers>
        <balance>-90.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-65700.00000000</valUSD>
        <pctVal>-0.06076406013</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NORTHERN TRUST SECURITIES, INC.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Kratos Defense &amp; Security Solutions, Inc.</issuerName>
                <issueTitle>Kratos Defense &amp; Security Solutions, Inc.</issueTitle>
                <identifiers>
                  <cusip value="50077B207"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>140.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-05-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7400.36000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; COMPANY MARGIN DEPOSIT ACCOUNT </name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY &amp; COMPANY MARGIN DEPOSIT ACCOUNT </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>459300.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>459300.00000000</valUSD>
        <pctVal>0.424793498007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NVIDIA Corporation 02/20/2026 210 Call</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NVDA  260220C00210000"/>
        </identifiers>
        <balance>-46.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-5336.00000000</valUSD>
        <pctVal>-0.00493511453</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NORTHERN TRUST SECURITIES, INC.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NVIDIA Corporation</issuerName>
                <issueTitle>NVIDIA Corporation</issueTitle>
                <identifiers>
                  <cusip value="67066G104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>210.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>33270.48000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Ultra 10-Year US Treasury Note Futures 2026-03-20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYH6 COMDTY"/>
        </identifiers>
        <balance>37.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-46942.64000000</valUSD>
        <pctVal>-0.04341591171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO., LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CHICAGO BOARD OF TRADE</issuerName>
                <issueTitle>Ultra 10-Year US Treasury Note Futures</issueTitle>
                <identifiers>
                  <ticker value="UXYH6 COM"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>4223781.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-46942.64000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Ultra U.S. Treasury Bond Futures 2026-03-20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNH6 COMDTY"/>
        </identifiers>
        <balance>63.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-151794.72000000</valUSD>
        <pctVal>-0.14039061634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO., LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CHICAGO BOARD OF TRADE</issuerName>
                <issueTitle>Ultra U.S. Treasury Bond Futures</issueTitle>
                <identifiers>
                  <ticker value="WNH6 COM"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>7398562.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-151794.72000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scorpio Tankers Inc</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers Inc 7.5%, Due 01/30/2030</title>
        <cusip>Y754QCAA8</cusip>
        <identifiers>
          <isin value="NO0013462630"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>643424.39000000</valUSD>
        <pctVal>0.595084906012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Golar LNG Limited</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>Golar LNG Ltd 7.25%, Due 09/19/2029</title>
        <cusip>G4023LAC5</cusip>
        <identifiers>
          <isin value="NO0013331223"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998696.08000000</valUSD>
        <pctVal>0.923665580817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Westwood Multi-Asset Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel D. Bauer</ncom:signature>
      <ncom:signerName>Daniel D. Bauer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
